What’s the difference between unsecured and secured loans?

What is difference between APR and interest rate and what interest rate will I pay?

The APR (annual percentage rate) is the cost of your loan expressed in terms of an annual rate. The interest rate is the rate your payments will be calculated on for the life of your loan. Your interest rate depends on your credit rating, income and amount being borrowed.

Can I repay my loan early?

What is a debt consolidation loan and how does it work?

A debt consolidation loan allows you to pay off several creditors and pay the balance to the credit union. This simplifies making monthly payments and can possibly reduce interest rates, so you may end up paying less than what you would have paid without the loan.

When should I ask for a co-signer for a loan?

A co-signer adds security for the credit union. With a co-signer, you may have a better chance of being approved for a loan. That’s because your co-signer agrees to make payments on your loan if you default. A friend or relative can act as a co-signer but must be a member.

What are some reasons I may be turned down for a loan?

Often your credit history is why you are turned down for a loan. If you are viewed as a risk, and your report indicates that with prior creditors you consistently made late payments or skipped payments or defaulted on a loan, it will affect your score and may result in your being turned down for the loan.

What happens if my loan application is declined?

Occasionally the credit union may not wish to give you a loan; this could be for any number of reasons. You can however ask for the name and address of any credit reference agency the lender has used for assessing the loan. Also you may try to reapply in six months.

What is the maximum term for a car loan?

What other services does ACU offer me as a member?

In addition to share accounts and "Free" checking, Cabot & NOI Employees Credit Union also offers debit cards, Certificates of Deposit, extended office hours on Monday thru Friday from 9:00 am to 5:00 pm, as well as two drive-thru lanes open from 7:30am to 6:00pm. We have many types of loans, payroll deduction, financial counseling, consumer information and car cost guides, notary services, and a convenient location.